Real Estate news update: Maharashtra budget 2023-24 comment, Primus enters the Mumbai market and more

Real Estate news update: Maharashtra budget 2023-24 comment, Primus enters the Mumbai market and more

Sheetal Shelar PatilUpdated: Thursday, March 16, 2023, 08:05 PM IST
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Maharashtra budget 2023-24 comment

In the budget for 2023-24, the Maharashtra Government has offered 1% discount in stamp duty for women homebuyers. Pritam Chivukula, Treasurer, CREDAI MCHI, explained, "Women of today are empowered and play an important role in the home buying process. They are increasing and constitute a sizable segment of home buyers in the housing sector. The government on its part is encouraging them by offering a range of benefits. The 1% discount in stamp duty for women by the state government is a welcome move just a day after Women's Day. This will encourage the women home buyers to buy their dream home."

Labdhi Lifestyle acquires BKC project

Labdhi Lifestyle, a premium developer from Mumbai has acquired Rajesh Lifespaces’ stressed project at Bandra Kurla Complex (BKC) through an agreement between both the developers and the project's financiers Mirae Asset and JM Financial. It will be investing over Rs. 200 crore to develop a mixed-use project, including repayment of debt raised from both the lenders and will now be the lead developer of the project giving it a revenue earning potential of Rs. 600 crores, expected to be completed within the next 2 years. The project is spread across 1.25 acres of land at BKC with a total development potential of 2 lakh sq ft carpet area across residential, commercial and retail spaces.

Primus enters the Mumbai market

Primus looks to add 2000 units to its senior living residences capacity, as it enters the Mumbai market. Their entry into the MMR makes it the fourth urban metropolis after Bengaluru, Chennai and Pune. Currently, Primus has over 700 units spread in the three metro cities where they have a presence. With the entry into Mumbai, the company hopes to add another 450 units to its tally taking the total units of senior living residences to 1150 units along with a pipeline of an additional 900 units. Southern cities account for a major share of the senior living market in the country. The entry of Primus into the Mumbai market will give a thrust and improve the footprint of senior living as a housing segment in the western region of the country. The hotbeds of retirement communities are mostly from the south with cities’ such as Coimbatore, Bangalore, Chennai leading the pack and the north is dominated by Delhi-NCR, Dehradun followed by Pune, are some of the most sought-after retirement destinations in west India.

Signature Global launches 3 projects

Signature Global has launched three independent floor projects under its mission 2023. An assortment of projects has been announced in Gurugram, including Signature Global City 93 in Sector 93, Signature Global City 79 B in Sector 79 B, and Signature Global City 92-2 in Sector 92. The strategic locations of these projects, developed under state housing DDJAY policy, will keep the dwellers connected to NH-8, Dwarka Expressway, Golf Course Road and Badshapur via Southern Peripheral Road. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd. said, “We have observed a paradigm shift as consumers nowadays increasingly favour open green spaces.”

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